If the total gross turnover of a firm is below 1 crore and the net profit is also less than 8%. whether tax audit should be under section 44AD. what is the criteria plz explain
Menu
Tax audit
Replies (1)
As per section 44AD(5), eligible assessee who claims his profits are lower than 8% of gross receipts & whose total income exceeds the basic exemption limit then assessee is reqd. to maintain books as per S. 44AA & also get his accounts audited as per S. 44AB
Recent Topics :
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
Related Topics :
CAclubindia
